0001303942-18-000031.txt : 20180430 0001303942-18-000031.hdr.sgml : 20180430 20180430084008 ACCESSION NUMBER: 0001303942-18-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20180430 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180430 DATE AS OF CHANGE: 20180430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BankFinancial CORP CENTRAL INDEX KEY: 0001303942 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51331 FILM NUMBER: 18786837 BUSINESS ADDRESS: STREET 1: 15W060 NORTH FRONTAGE ROAD CITY: BURR RIDGE STATE: IL ZIP: 60527 BUSINESS PHONE: (800) 894-6900 MAIL ADDRESS: STREET 1: 15W060 NORTH FRONTAGE ROAD CITY: BURR RIDGE STATE: IL ZIP: 60527 8-K 1 bfin2018038kresults.htm 8-K Document


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K 
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 30, 2018
 
 
 
 BANKFINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter) 
 
 
 
Maryland
0-51331
75-3199276
(State or Other Jurisdiction
of Incorporation)
(Commission
File No.)
(I.R.S. Employer
Identification No.)
 
 
 
15W060 North Frontage Road, Burr Ridge, Illinois
(Address of Principal Executive Offices)
60527
(Zip Code)
Registrant’s telephone number, including area code: (800) 894-6900
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
 
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨






Item 7.01. Regulation FD Disclosure
BankFinancial Corporation (the “Company”) will review first quarter 2018 results in a conference call and webcast for stockholders and analysts on Tuesday, May 1, 2018 at 9:30 a.m. Chicago, Illinois Time.
The conference call may be accessed by calling (844) 413-1780 using participant passcode 4988923. The conference call will be simultaneously webcast at www.bankfinancial.com, “Investor Relations” page.
Item 8.01. Other Events
On April 30, 2018, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and issued the Quarterly Financial and Statistical Supplement for the latest five quarters. The press release also reported earnings for the three months ended March 31, 2018. The press release and Quarterly Financial and Statistical Supplement are included as Exhibits 99.1 and 99.2 to this report.
Item 9.01.
Financial Statements and Exhibits.
(a)
Not Applicable.
(b)
Not Applicable.
(c)
Not Applicable.
(d)
Exhibits.

Exhibit No.    Description
99.1Press Release dated April 30, 2018
99.2Quarterly Financial and Statistical Supplement





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
 
BANKFINANCIAL CORPORATION
 
 
 
 
 
 
 
Dated:
April 30, 2018
 
By:
/s/ F. Morgan Gasior
 
 
 
 
 
F. Morgan Gasior
 
 
 
 
 
Chairman of the Board, Chief Executive Officer and President



 EX-99.1 2 bfin201803ex991earningspr.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1

 graphica02a12.jpg
FOR IMMEDIATE RELEASE

BankFinancial Corporation Reports Financial Results for the First Quarter 2018 and
Will Host Conference Call and Webcast on Tuesday, May 1, 2018

Burr Ridge, Illinois – (April 30, 2018) BankFinancial Corporation (Nasdaq – BFIN) filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and a Quarterly Financial and Statistical Supplement on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) today.
BankFinancial reported net income of $3.6 million for the three months ended March 31, 2018, compared to net income of $1.9 million for the three months ended March 31, 2017. Earnings per basic and fully diluted share of common stock was $0.20 for the three months ended March 31, 2018, compared to $0.10 for the three months ended March 31, 2017. At March 31, 2018, BankFinancial had total assets of $1.560 billion, total loans of $1.278 billion, total deposits of $1.278 billion and stockholders' equity of $198 million.
The Quarterly Report on Form 10-Q and the Quarterly Financial and Statistical Supplement will be available today on BankFinancial's website, www.bankfinancial.com, at the “Investor Relations” page, and through the EDGAR database on the SEC's website, www.sec.gov. The Quarterly Financial and Statistical Supplement includes comparative GAAP and non-GAAP performance data and financial measures for the most recent five quarters.
BankFinancial's management will review first quarter 2018 results in a conference call and webcast for stockholders and analysts on Tuesday, May 1, 2018 at 9:30 a.m. Chicago, Illinois Time. The conference call may be accessed by calling (844) 413-1780 using participant passcode 4988923. The conference call will be simultaneously webcast at www.bankfinancial.com, “Investor Relations” page. For those unable to participate in the conference call, the webcast will be archived through 11:59 p.m. Chicago Time May 15, 2018.
BankFinancial Corporation is the holding company for BankFinancial, NA, a national bank providing financial services to individuals, families and businesses through 19 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois and to selected commercial loan and deposit customers on a regional or national basis. BankFinancial Corporation's common stock trades on the Nasdaq Global Select Market under the symbol BFIN. Additional information may be found at the company's website, www.bankfinancial.com.
This release includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause BankFinancial’s actual results to differ from those expected at the time of this release. For a discussion of some of the factors that may cause actual results to differ from expectations, please refer to BankFinancial’s most recent Annual Report on Form 10-K as filed with the SEC, as supplemented by subsequent filings with the SEC. Investors are urged to review all information contained in these reports, including the risk factors discussed therein. Copies of these filings are available at no cost on the SEC's web site at www.sec.gov or on BankFinancial’s web site at www.bankfinancial.com. Forward looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes.

For Further Information Contact:
 
 
Shareholder, Analyst and Investor Inquiries:
 
Media Inquiries:
       Elizabeth A. Doolan
       Senior Vice President – Finance
       BankFinancial Corporation
       Telephone: 630-242-7151
 
Gregg T. Adams
President – Marketing & Sales
BankFinancial, NA
Telephone: 630-242-7234



 EX-99.2 3 bfin-20180331ex992suppleme.htm EXHIBIT 99.2 Exhibit

Exhibit 99.2



BANKFINANCIAL CORPORATION
FIRST QUARTER 2018
QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT
FOR THE LATEST FIVE QUARTERS


Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform to the current period’s presentation.
The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period–end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current, or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
PERFORMANCE MEASUREMENTS
 
 
 
 
 
 
 
 
 
Return on assets (ratio of net income to average total assets) (1)
0.90
%
 
0.24
%
 
0.88
%
 
0.64
%
 
0.47
%
Return on equity (ratio of net income to average equity) (1)
7.13

 
1.97

 
7.07

 
5.08

 
3.66

Net interest rate spread (1)
3.38

 
3.26

 
3.10

 
3.10

 
3.15

Net interest margin (1)
3.53

 
3.41

 
3.23

 
3.22

 
3.26

Efficiency ratio
68.40

 
62.37

 
72.19

 
69.62

 
82.66

Noninterest expense to average total assets (1)
2.52

 
2.28

 
2.51

 
2.38

 
2.82

Average interest–earning assets to average interest–bearing liabilities
132.29

 
131.68

 
131.23

 
131.33

 
132.57

Number of full service offices
19

 
19

 
19

 
19

 
19

Employees (full time equivalents)
237

 
236

 
238

 
247

 
242

 
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENT OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from other financial institutions
$
10,613

 
$
13,572

 
$
10,620

 
$
9,835

 
$
10,247

Interest-bearing deposits in other financial institutions
81,963

 
114,020

 
115,041

 
71,771

 
65,219

Securities, at fair value
102,661

 
93,383

 
98,787

 
109,762

 
110,230

Loans receivable, net
1,277,553

 
1,314,651

 
1,335,631

 
1,335,835

 
1,319,287

Other real estate owned, net
1,802

 
2,351

 
3,569

 
4,896

 
5,301

Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost
8,290

 
8,290

 
8,290

 
8,290

 
8,147

Premises held-for-sale
5,581

 
5,667

 
—

 
—

 
—

Premises and equipment, net
24,628

 
24,856

 
30,774

 
30,889

 
31,149

Intangible assets
164

 
286

 
408

 
531

 
653

Bank owned life insurance
22,925

 
22,859

 
22,790

 
22,723

 
22,657

Deferred taxes
11,363

 
12,563

 
20,214

 
20,676

 
22,103

Other assets
12,386

 
13,060

 
8,145

 
8,210

 
8,480

Total assets
$
1,559,929

 
$
1,625,558

 
$
1,654,269

 
$
1,623,418

 
$
1,603,473

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Deposits
$
1,278,007

 
$
1,340,051

 
$
1,371,089

 
$
1,347,887

 
$
1,329,282

Borrowings
60,983

 
60,768

 
60,928

 
50,877

 
52,046

Other liabilities
22,587

 
27,105

 
22,474

 
24,592

 
20,124

Total liabilities
1,361,577

 
1,427,924

 
1,454,491

 
1,423,356

 
1,401,452

Stockholders’ equity
198,352

 
197,634

 
199,778

 
200,062

 
202,021

Total liabilities and stockholders’ equity
$
1,559,929

 
$
1,625,558

 
$
1,654,269

 
$
1,623,418

 
$
1,603,473

(1)Annualized


Page 2
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
SUMMARY STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
Total interest income
$
14,748

 
$
15,047

 
$
14,121

 
$
13,649

 
$
13,362

Total interest expense
1,727

 
1,742

 
1,615

 
1,456

 
1,276

Net interest income before provision (recovery)
13,021

 
13,305

 
12,506

 
12,193

 
12,086

Provision for (recovery of) loan losses
(258
)
 
(72
)
 
(225
)
 
49

 
161

Net interest income
13,279

 
13,377

 
12,731

 
12,144

 
11,925

Noninterest income
1,539

 
1,634

 
1,623

 
1,607

 
1,544

Noninterest expense
9,959

 
9,318

 
10,200

 
9,607

 
11,266

Income before income tax
4,859

 
5,693

 
4,154

 
4,144

 
2,203

Income tax expense (1)
1,300

 
4,702

 
594

 
1,572

 
322

Net income
$
3,559

 
$
991

 
$
3,560

 
$
2,572

 
$
1,881

Basic earnings per common share
$
0.20

 
$
0.06

 
$
0.20

 
$
0.14

 
$
0.10

Diluted earnings per common share
$
0.20

 
$
0.06

 
$
0.20

 
$
0.14

 
$
0.10

 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME AND EXPENSE
 
 
 
 
 
 
 
 
Noninterest Income
 
 
 
 
 
 
 
 
 
Deposit service charges and fees
$
978

 
$
989

 
$
1,018

 
$
996

 
$
950

Loan fee income
70

 
114

 
89

 
63

 
60

Commercial mortgage brokerage fees
41

 
—

 
—

 
—

 
—

Residential mortgage banking fees
30

 
43

 
41

 
87

 
44

Trust insurance commissions and annuities income
213

 
267

 
210

 
245

 
249

Earnings on bank owned life insurance
66

 
69

 
67

 
66

 
63

Other
141

 
152

 
198

 
150

 
178

Total noninterest income
$
1,539

 
$
1,634

 
$
1,623

 
$
1,607

 
$
1,544

 
 
 
 
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
5,322

 
$
4,975

 
$
5,330

 
$
5,110

 
$
6,352

Office occupancy and equipment
1,731

 
1,709

 
1,693

 
1,599

 
1,622

Advertising and public relations
143

 
197

 
167

 
259

 
381

Information technology
641

 
673

 
638

 
679

 
753

Supplies, telephone, and postage
333

 
339

 
337

 
358

 
332

Amortization of intangibles
122

 
122

 
123

 
122

 
129

Nonperforming asset management
202

 
125

 
84

 
27

 
104

Loss (gain) on sales of other real estate owned
21

 
(55
)
 
69

 
15

 
16

Valuation adjustments of other real estate owned
25

 
32

 
227

 
54

 
20

Operations of other real estate owned
115

 
85

 
107

 
176

 
177

FDIC insurance premiums
119

 
125

 
150

 
125

 
187

Other
1,185

 
991

 
1,275

 
1,083

 
1,193

Total noninterest expense
$
9,959

 
$
9,318

 
$
10,200

 
$
9,607

 
$
11,266

(1) 2017 Q4 income tax expense includes valuation of $2.5 million related to Tax Cuts and Jobs Act of 2017.

Page 3
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
92,056

 
$
97,814

 
$
105,186

 
$
115,659

 
$
122,310

Multi–family mortgage
578,144

 
588,383

 
576,425

 
555,691

 
549,829

Nonresidential real estate
163,856

 
169,971

 
176,301

 
177,436

 
179,896

Construction and land
1,328

 
1,358

 
2,827

 
2,265

 
1,354

Commercial loans
162,564

 
152,552

 
147,079

 
129,200

 
105,671

Commercial leases
285,222

 
310,076

 
333,120

 
360,397

 
364,768

Consumer
1,494

 
1,597

 
1,747

 
1,829

 
1,896

 
1,284,664

 
1,321,751

 
1,342,685

 
1,342,477

 
1,325,724

Net deferred loan origination costs
1,230

 
1,266

 
1,320

 
1,480

 
1,534

Allowance for loan losses
(8,341
)
 
(8,366
)
 
(8,374
)
 
(8,122
)
 
(7,971
)
Loans, net
$
1,277,553

 
$
1,314,651

 
$
1,335,631

 
$
1,335,835

 
$
1,319,287

 
 
 
 
 
 
 
 
 
 
LOAN ORIGINATIONS (1)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
964

 
$
1,103

 
$
1,654

 
$
1,708

 
$
1,141

Multi–family mortgage
14,339

 
26,830

 
40,695

 
22,938

 
25,613

Nonresidential real estate
2,011

 
2,311

 
2,462

 
1,577

 
8,376

Construction and land
—

 
—

 
646

 
936

 
76

Commercial loans
150,804

 
100,667

 
90,617

 
104,571

 
48,899

Commercial leases
20,771

 
42,700

 
27,199

 
46,821

 
61,550

Consumer
584

 
781

 
1,002

 
591

 
636

 
$
189,473

 
$
174,392

 
$
164,275

 
$
179,142

 
$
146,291

Weighted average rate
5.61
%
 
5.12
%
 
4.77
%
 
4.96
%
 
4.18
%
 

 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (2)

 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
6,453

 
$
7,611

 
$
11,931

 
$
7,528

 
$
13,007

Multi–family mortgage
24,524

 
14,998

 
19,966

 
16,351

 
18,464

Nonresidential real estate
8,148

 
9,577

 
3,658

 
3,954

 
9,834

Construction and land
31

 
31

 
67

 
25

 
24

Commercial loans
140,449

 
94,996

 
71,481

 
79,141

 
46,291

Commercial leases
45,790

 
65,707

 
57,061

 
49,970

 
47,695

Consumer
631

 
732

 
1,159

 
611

 
600

 
$
226,026

 
$
193,652

 
$
165,323

 
$
157,580

 
$
135,915

Weighted average rate
4.97
%
 
4.67
%
 
4.30
%
 
4.39
%
 
4.09
%

(1)
Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals.
(2)
Loan payments and payoffs exclude loan renewals.

Page 4
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
CREDIT QUALITY:
 
 
 
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
 
 
 
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
1,589

 
$
2,027

 
$
2,234

 
$
2,585

 
$
2,296

Multi–family mortgage
369

 
363

 
371

 
371

 
106

Nonaccrual loans
1,958

 
2,390

 
2,605

 
2,956

 
2,402

 
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
935

 
827

 
1,748

 
1,946

 
1,986

Multi–family real estate
—

 
—

 
—

 
357

 
615

Nonresidential real estate
863

 
1,520

 
1,551

 
1,736

 
1,808

Land 
4

 
4

 
270

 
857

 
892

Other real estate owned
1,802

 
2,351

 
3,569

 
4,896

 
5,301

 
 
 
 
 
 
 
 
 
 
Nonperforming assets
$
3,760

 
$
4,741

 
$
6,174

 
$
7,852

 
$
7,703

 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios
 
 
 
 
 
 
 
 
 
Nonperforming assets to total assets
0.24
%
 
0.29
%
 
0.37
%
 
0.48
%
 
0.48
%
Nonperforming loans to total loans
0.15

 
0.18

 
0.19

 
0.22

 
0.18

Nonperforming commercial-related loans to total commercial-related loans (1)
0.03

 
0.03

 
0.03

 
0.03

 
0.01

Nonperforming residential and consumer loans to total residential and consumer loans
1.70

 
2.04

 
2.09

 
2.20

 
1.85

Allowance for loan losses to nonperforming loans
426.00

 
350.04

 
321.46

 
274.76

 
331.85

 
 
 
 
 
 
 
 
 
 
Concentrations of Credit
 
 
 
 
 
 
 
 
 
Commercial Real Estate for FFIEC Concentration Limits
$
706,488

 
$
721,587

 
$
723,797

 
$
702,476

 
$
696,933

% FFIEC Total Capital
370.18
%
 
382.64
%
 
392.91
%
 
386.32
%
 
386.37
%
 
 
 
 
 
 
 
 
 
 
Multi–family mortgage loans - 50% risk based capital qualified (included above)
$
353,686

 
$
365,713

 
$
330,181

 
$
309,867

 
$
308,653

% FFIEC Total Capital
185.32
%
 
193.93
%
 
179.24
%
 
170.41
%
 
171.11
%
 
 
 
 
 
 
 
 
 
 
Commercial Leases - Investment Grade
$
186,052

 
$
207,460

 
$
230,931

 
$
255,375

 
$
279,345

Commercial Leases - Other
99,170

 
102,616

 
102,189

 
105,022

 
85,423


(1)
Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases.


Page 5
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
SUBSTANDARD PERFORMING LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
362

 
$
295

 
$
297

 
$
364

 
$
726

Multi–family mortgage
222

 
225

 
480

 
487

 
769

Nonresidential real estate
149

 
154

 
162

 
106

 
108

Commercial loans
2,258

 
2,248

 
982

 
1,007

 
14

Consumer
—

 
—

 
—

 
6

 
—

 
$
2,991

 
$
2,922

 
$
1,921

 
$
1,970

 
$
1,617

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
 
 
 
Beginning balance
$
8,366

 
$
8,374

 
$
8,122

 
$
7,971

 
$
8,127

Charge offs:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
(97
)
 
(36
)
 
(89
)
 
(22
)
 
(171
)
Multi–family mortgage
—

 
—

 
(7
)
 
—

 
(3
)
Nonresidential real estate
—

 
—

 
—

 
—

 
(165
)
Consumer
—

 
(3
)
 
(7
)
 
—

 
—

 
(97
)
 
(39
)
 
(103
)
 
(22
)
 
(339
)
Recoveries:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
99

 
45

 
15

 
79

 
6

Multi–family mortgage
8

 
8

 
11

 
40

 
11

Nonresidential real estate
—

 
7

 
10

 
—

 
—

Commercial loans
223

 
42

 
542

 
5

 
5

Commercial leases
—

 
—

 
2

 
—

 
—

Consumer
—

 
1

 
—

 
—

 
—

 
330

 
103

 
580

 
124

 
22

Net (charge–offs) recoveries
233

 
64

 
477

 
102

 
(317
)
Provision for (recovery of ) loan losses
(258
)
 
(72
)
 
(225
)
 
49

 
161

Ending balance
$
8,341

 
$
8,366

 
$
8,374

 
$
8,122

 
$
7,971

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to total loans
0.65
%
 
0.63
%
 
0.62
%
 
0.61
%
 
0.60
 %
Net (charge–off) recovery ratio (1)
0.07

 
0.02

 
0.14

 
0.03

 
(0.10
)
(1)
Annualized


Page 6
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
DEPOSITS
 
 
 
 
 
 
 
 
 
Noninterest–bearing demand
$
232,593

 
$
234,354

 
$
231,049

 
$
229,921

 
$
234,415

Interest–bearing NOW accounts
283,311

 
289,657

 
283,411

 
286,400

 
266,157

Money market accounts
290,575

 
299,581

 
301,905

 
305,300

 
304,981

Savings deposits
160,093

 
160,501

 
158,696

 
160,544

 
161,938

Certificates of deposits - retail
232,910

 
224,401

 
219,478

 
222,744

 
219,068

Certificates of deposits - wholesale
78,525

 
131,557

 
176,550

 
142,978

 
142,723

 
$
1,278,007

 
$
1,340,051

 
$
1,371,089

 
$
1,347,887

 
$
1,329,282

 
 
 
 
 
 
 
 
 
 
SELECTED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total average assets
$
1,581,833

 
$
1,637,309

 
$
1,624,437

 
$
1,612,121

 
$
1,595,191

Total average interest–earning assets
1,496,682

 
1,549,746

 
1,535,843

 
1,519,573

 
1,502,146

Average loans
1,294,387

 
1,330,276

 
1,331,302

 
1,318,473

 
1,313,299

Average securities
103,928

 
95,065

 
108,050

 
109,454

 
113,756

Average stock in FHLB & FRB
8,289

 
8,290

 
8,290

 
8,250

 
9,158

Average other interest–earning assets
90,078

 
116,115

 
88,201

 
83,396

 
65,933

Total average interest–bearing liabilities
1,131,372

 
1,176,898

 
1,170,322

 
1,157,060

 
1,133,098

Average interest–bearing deposits
1,070,635

 
1,116,057

 
1,112,210

 
1,105,881

 
1,083,792

Average borrowings
60,737

 
60,841

 
58,112

 
51,179

 
49,306

Average stockholders’ equity
199,672

 
201,604

 
201,420

 
202,360

 
205,379

 
 
 
 
 
 
 
 
 
 
SELECTED YIELDS AND COST OF FUNDS (1):
 
 
 
 
 
 
 
 
Total average interest–earning assets
4.00
%
 
3.85
%
 
3.65
%
 
3.60
%
 
3.61
%
Average loans
4.33

 
4.22

 
3.98

 
3.94

 
3.94

Average securities
1.81

 
1.58

 
1.43

 
1.31

 
1.24

Average other interest–earning assets
1.62

 
1.60

 
1.29

 
1.13

 
0.95

Total average interest–bearing liabilities
0.62

 
0.59

 
0.55

 
0.50

 
0.46

Average interest–bearing deposits
0.58

 
0.55

 
0.51

 
0.47

 
0.44

Average borrowings
1.35

 
1.35

 
1.34

 
1.19

 
0.79

Net interest rate spread
3.38

 
3.26

 
3.10

 
3.10

 
3.15

Net interest margin
3.53

 
3.41

 
3.23

 
3.22

 
3.26

(1)     Annualized

Page 7
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
BankFinancial Corporation
 
 
 
 
 
 
 
 
 
Equity to total assets (end of period)
12.72
%
 
12.16
%
 
12.08
%
 
12.32
%
 
12.60
%
Tangible equity to tangible total assets (end of period)
12.71

 
12.14

 
12.05

 
12.29

 
12.56

Risk–based total capital ratio
17.72

 
17.06

 
16.43

 
16.29

 
16.65

Common Tier 1 (CET1)
16.98

 
16.33

 
15.71

 
15.59

 
15.96

Risk–based tier 1 capital ratio
16.98

 
16.33

 
15.71

 
15.59

 
15.96

Tier 1 leverage ratio
12.03

 
11.49

 
11.36

 
11.42

 
11.58

Tier 1 capital
$
189,152

 
$
187,005

 
$
182,683

 
$
182,088

 
$
182,508

BankFinancial, NA
 
 
 
 
 
 
 
 
 
Risk–based total capital ratio
17.13
%
 
16.48
%
 
15.85
%
 
15.57
%
 
15.76
%
Common Tier 1 (CET1)
16.38

 
15.74

 
15.13

 
14.88

 
15.06

Risk–based tier 1 capital ratio
16.38

 
15.74

 
15.13

 
14.88

 
15.06

Tier 1 leverage ratio
11.60

 
11.08

 
10.94

 
10.89

 
10.94

Tier 1 capital
$
182,464

 
$
180,216

 
$
175,838

 
$
173,717

 
$
172,410

 
 
 
 
 
 
 
 
 
 
COMMON STOCK AND DIVIDENDS
 
 
 
 
 
 
 
 
 
Stock Prices:
 
 
 
 
 
 
 
 
 
Close
$
16.98

 
$
15.34

 
$
15.89

 
$
14.92

 
$
14.52

High
17.20

 
17.00

 
16.89

 
15.31

 
15.24

Low
15.07

 
14.79

 
14.66

 
13.43

 
13.13

Common shares outstanding
17,877,223

 
17,958,723

 
18,063,623

 
18,229,860

 
18,440,440

Book value per share
$
11.10

 
$
11.00

 
$
11.06

 
$
10.97

 
$
10.96

Tangible book value per share
$
11.09

 
$
10.99

 
$
11.04

 
$
10.95

 
$
10.92

Cash dividends declared on common stock
$
0.08

 
$
0.08

 
$
0.07

 
$
0.07

 
$
0.06

Dividend payout ratio
40.35
%
 
145.59
%
 
35.69
%
 
49.94
%
 
61.42
%
Stock repurchases
$
1,323

 
$
1,671

 
$
2,581

 
$
3,188

 
$
3,379

Stock repurchases – shares
81,500

 
104,900

 
166,237

 
216,391

 
232,045

 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE COMPUTATIONS
 
 
 
 
 
 
 
 
 
Net income
$
3,559

 
$
991

 
$
3,560

 
$
2,572

 
$
1,881

Average common shares outstanding
17,931,579

 
18,017,708

 
18,140,599

 
18,330,972

 
19,243,941

Less: Unearned ESOP shares
—

 
—

 
—

 
—

 
(600,947
)
Unvested restricted stock shares
(940
)
 
(940
)
 
(940
)
 
(940
)
 
(940
)
Weighted average common shares outstanding
17,930,639


18,016,768

 
18,139,659

 
18,330,032

 
18,642,054

Plus: Dilutive common shares equivalents
461

 
461

 
450

 
423

 
5,462

Weighted average dilutive common shares outstanding
17,931,100

 
18,017,229

 
18,140,109

 
18,330,455

 
18,647,516

Basic earnings per common share
$
0.20

 
$
0.06

 
$
0.20

 
$
0.14

 
$
0.10

Diluted earnings per common share
$
0.20

 
$
0.06

 
$
0.20

 
$
0.14

 
$
0.10



Page 8

BANKFINANCIAL CORPORATION
NON–GAAP FINANCIAL MEASURES
BankFinancial Corporation, a Maryland corporation (“the Company”) utilizes a number of different financial measures, both GAAP and non–GAAP, in making operating, budgeting and planning decisions for future periods. Generally, a non–GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. The Company believes that the use of the non–GAAP financial measures described below provides the Board of Directors and management, and may provide some investors, with a more complete understanding of the Company’s operating results and trends, and facilitate comparisons to historical and peer performance. The Company’s non–GAAP financial measures should be considered supplemental in nature and should not be considered in isolation, or as superior to or a substitute for, financial measures that are prepared in accordance with GAAP. In addition, the Company’s non–GAAP financial measures may differ from similar non–GAAP financial measures that are used by other companies, thus limiting their usefulness as a comparative tool.
These measures include pre–tax pre–provision earnings from adjusted operations and pre–tax pre–provision earnings from adjusted operations to average total assets. Management believes that by excluding equity-based compensation expense, other real estate owned related income and expense items and nonperforming asset management expenses from noninterest expense, these measures better reflect our adjusted operating performance.

Page 9
BANKFINANCIAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share) - (Unaudited)

 
 
 
 
 
 
 
 
FOR THE LATEST FIVE QUARTERS
 
2018
 
2017
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
Pre–tax pre–provision (recovery) earnings from adjusted operations
 
 
 
 
 
 
Income before income taxes
$
4,859

 
$
5,693

 
$
4,154

 
$
4,144

 
$
2,203

Provision for (recovery of) loan losses
(258
)
 
(72
)
 
(225
)
 
49

 
161

 
4,601

 
5,621

 
3,929

 
4,193

 
2,364

Adjustments:
 
 
 
 
 
 
 
 
 
Equity-based compensation
—

 
—

 
—

 
—

 
1,076

Nonperforming asset management
202

 
125

 
84

 
27

 
104

Loss (gain) on sale of other real estate owned
21

 
(55
)
 
69

 
15

 
16

Valuation adjustments of other real estate owned
25

 
32

 
227

 
54

 
20

Operations of other real estate owned
115

 
85

 
107

 
176

 
177

 
363

 
187

 
487

 
272

 
1,393

Pre–tax pre–provision (recovery) earnings from adjusted operations
$
4,964

 
$
5,808

 
$
4,416

 
$
4,465

 
$
3,757

 
 
 
 
 
 
 
 
 
 
Pre–tax pre–provision (recovery) earnings from adjusted operations to average total assets (1)
1.26
%
 
1.42
%
 
1.09
%
 
1.11
%
 
0.94
%

(1)
Annualized

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